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Five-year tracker caps at 5.5%

A City currency manager has launched a five-year tracker mortgage capped at 5.5 per cent, regardless of future rate changes.

The 3D Currency Management mortgage for loans over £500,000, tracks bank rate plus 2 per cent, up to a bank rate level of 3.5 per cent which means the loan will never exceed 5.5 per cent.

The cost of capping the rate is paid up front with equity in the property. 3DCM manages the loan to pay back the cost of this cap and says any additional trading performance can be used to reduce the size of the mortgage.

Founder David White says: “Once interest rates start to move, it will be too late to secure a competitive fixed rate. This new product provides a simple solution to this dilemma.”



Mortgage Backed green shoot

Lloyds Banking Group launched a £4bn Residential Mortgage Backed Security this week, the first such issuance for more than a year.


Follow the trail…

Earlier this month a number of life offices revealed they are looking at menu-based protection products.

Private equity firm buys Network Data

The Phoenix Group has bought the remaining assets of Network Data. Phoenix, a private equity group that owns several financial services firms, has bought the IT and admin systems as well as client bank of the defunct mortgage network.


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